In a large mixing bowl, combine warm water, sugar, and yeast. Let the mixture sit for about 5 minutes until slightly foamy.
Add olive oil, salt, and flour gradually. Mix until a soft dough forms.
Knead the dough on a lightly floured surface for 8–10 minutes until smooth and elastic.
Place the dough in a lightly oiled bowl, cover, and let it rise in a warm place for 45–60 minutes, or until doubled in size.
Transfer the dough to a floured surface and divide it into 8 equal pieces.
Roll each piece into a rope about 20 inches long. Twist two ropes together and join the ends to form a ring.
In a bowl, mix the grape molasses and water.
Dip each simit ring into the molasses mixture, then coat generously with toasted sesame seeds.
Place the shaped simit on a parchment-lined baking sheet and let them rest for 20 minutes.
Preheat the oven to 425°F (220°C).
Bake for 15–18 minutes until the simit are deep golden brown and crisp.
Allow them to cool slightly before serving.